Quiet before the storm or will Bitcoin continue to consolidate? (BTC price analysis)
Quiet before the storm or will Bitcoin continue to consolidate? (BTC price analysis)
The market currently suffers from inadequate activity and liquidity. In the meantime, the price of Bitcoin comes across a decisive resistance zone and is about to outbreak. The movement should determine the upcoming direction and end the current almost neutral state between sales and purchase pressure on the market.
technical analysis
of Shayan
the daily -type
After the course was rejected by the sliding 50-day average and consolidated for a few days, the course finally tested the blue trend line for the third time and could not break it down.
Next, the price started a small rally and reached the sliding 50-day average at $ 16.8,000. Bitcoin is now struggling within a significant resistance zone between the sliding 50-day average and the blue trend line.
A break from the moving average leads to a rally with an interest bully momentum; If, on the other hand, the price falls below the trend line, a market cleaning up towards the annual low of $ 15,000.
The upcoming price campaign, however, should end the recent confusion between the bears and the bulls when deciding on the medium -term market appearance.
Tradingview
The 4-hour diagram
In the 4-hour time frame, the $ 16.4,000 region has developed into a promising support zone in the past few days. Finally, the price initiated a small rally after testing this level again. However, the dynamics are not promising because Bitcoin has printed small candles.
on the way from Bitcoin towards $ 18,000 there is a static level of resistance at $ 17,000. In view of the weak momentum and the fragile neutral mood, the price may consolidate in the area between the support of $ 16.4,000 and the level of resistance of $ 17,000.
Tradingview
onchain analysis
of Shayan
The following graphic illustrates the buyer purchase/sales relationship metrik next to the price of Bitcoin. The key figure is the ratio of the purchase volume due to the sales volume for buyers in perpetual swap trades, which trace the general mood on the derivative market. Values over 1 indicate a predominant bullish mood, while values under 1 indicate a predominant declining mood.
As the diagram shows, there are two obvious static levels; 1.03 (in green) and 0.97 (in red). The price has always experienced an interest bully increase when the key figure exceeded the level of 1.03. Alternatively, Bitcoin crashed, while the metric fell under the red line when more sales orders were carried out.
The current value has been consolidating by one since August 2022, which indicates a long -term neutrality in the eternal market due to the lack of liquidity. Bitcoin is far -fetched to initiate a promising rally if no liquidity or sufficient demand returns to the market.
Cryptoquant
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